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The Expanding Role of Artificial Intelligence in the Collection Industry

OnDemand Webinar (87 minutes)

Gain insight into the technology that is likely to revolutionize the collection industry in the next few years.Lower fees, complex compliance rules, high volumes and the challenges in hiring and retaining agents - how many of these problems do you face today? Almost every challenge that different industries have faced in the last few years, from manufacturing through booking an airline ticket or hailing a taxi, has been addressed by technology-based solutions and applications. Mobile technology has revolutionized the way we communicate, and millennials are changing the landscape of jobs and many business processes. The collection industry is arguably lagging in terms of the deployment of modern technology including artificial intelligence. With the increasing demand for innovative options to manage high account volumes under trying circumstances, we must look to today's spectacular computing power to lead us into a new generation of collection technology. To leverage this emerging technology, it is important to understand its background and potential, the strengths and weaknesses of artificial intelligence. This topic will strive to provide background and a practical insight into technology that is likely to revolutionize the collection industry in the next few years.

Authors

Ranjan Dharmaraja, Quantrax Corporation

Agenda

Artificial Intelligence

• What Is AI?

• How Do You Test for AI?

• What Are Expert Systems?

How Can AI Be Applied in the Collection Industry?

• Examples of Areas Where Machine Thinking Can and Has Been Deployed

• Examples in Augmenting Management and Agent Roles

• Winning the Compliance Challenges by Deploying Machine Thinking

It's Not as Simple as Introducing AI - Fundamental Thinking Has to Change

• Why We Have to Go Back to Basics and Possibly Redesign Our Operational Procedures

• Regulations and Consumer Behavior That Is Redefining Tomorrow's Collections

• Why Contact Strategy Has to Change, and How AI Is Absolutely Necessary to Manage the Multiple and Modern Communication Channels

The Future of the Traditional Collection Agent and How It Is Likely to Change

• Can Traditional Collection Agents Be Replaced by Software? Examples and Demonstrations of Intelligent Chatbots in Collections

• How Is the Deployment of AI Going to Change Thinking, Perception, Jobs and Compensation Models?

What Is the Bad News? the Challenges Associated With AI-Based Systems and Their Implementation

• Costs

• The Need for Knowledge Engineers